Category Archives: Bitcoin consolidation

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Bitcoin Makes Repeat Bid for $8,000, Back into Positive Zone

Bitcoin Makes Repeat Bid for ,000, Back into Positive Zone

As the weekend approached, Friday brought more relief to Bitcoin bull traders, with the North American markets for once providing a lift in terms of buying volume to push Bitcoin price above USD 8,000 and back into the positive zone for the near term.

The weekend, typically quiet for traditional markets, has so far proven extremely active for Bitcoin and crypto markets, at least since the starting week of April.

Friday night. Holiday weekend.

Stock market closed.

Bitcoin market just getting warmed up đŸ”„

— Pomp đŸŒȘ (@APompliano) May 25, 2019

Prices managed to stay above that level for most of the Asian market period today on Saturday, but by closing, at time of writing, the bid to break USD 8,000 resistance seems to have faltered once more, with Bitcoin trading at USD 7,962 after slipping from a high of USD 8,171 (CoinDesk, 7:00 am UTC).

The continued positivity in the bull camp received a further boost from some quarters with the consistency in volumes decreasing every time price goes down, with each passing day confirming for stronger signs of consolidation attempts. And now it appears that consolidation is happening above former resistance lines.

This could, of course, be invalidated by sudden losses and price movement that could break trendlines, but as shown on the last weekend, bulls are still eager and quick to recover from such falls.


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